Summary
As Harvey says:
"What is so obviously needed is a basis for addressing project selection issues, deciding on project termination, facilitating reallocation of resources, changing of priorities, and evaluation of alternatives. And, without this capability, there is no Project Portfolio Management."[6]
Further:
"Periodically, we need to review [each] project to test assumptions, update givens, and monitor progress. We need to periodically examine alternatives and consider remodeling the portfolio."[7]
And:
"The core mistake is to think that PPM is fundamentally the management of multiple projects. This definitely is not so. PPM is the management of the project portfolio so as to maximize the contribution of projects to the overall welfare and success of the enterprise."[8]
Clearly, the recognition and structuring of PPM during the last five years or so has raised the value of projects and project management to a new level. We are now in a position to bridge the gap between the projects and the operations sides of our business. PPM enables us to not only do projects right, but to select and do the right projects in the first place. However, what still needs attention and development is how best to collect data on the project benefits that are actually realized by the operations groups and how these are related to the original projects selected in the first place. Without this essential feedback and linkage, we shall not be able to determine the success of our project portfolio management efforts and effect continuous PPM improvement.
Throughout his book, Harvey tackles the many problems associated with PPM such as; how to implement PPM; ranking value and benefits; the size of the portfolio pipeline; the impact of uncertainty on projects and portfolios; and the benefits/risks relationships. As we noted earlier, the book is divided into two major parts: the first containing the results of Harvey's own findings, and the second containing chapters contributed by major players in the field. A significant part is devoted to a practical look at precise details for effective PPM implementation.
The majority of chapters represent a valuable and instructive read, especially for those at the corporate executive level. That is, for those who are responsible for the corporate governance of an organization involved in the selection and direction of many concurrent projects, carried out by their own project people, for the organization's own operational benefit.
R. Max Wideman
Fellow, PMI
6. Ibid, Chapter 1.1
7. Ibid.
8. Ibid, Chapter 2.4
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Downside